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Worli Research Report
Worli Research Report
Worli Research Report
WORLI
SOUTH CENTRAL, MUMBAI
MICRO
MARKET
O V E R V I E W
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CONTENTS
Commercial o Overview
2 Market o Rental Values Comparison – Mumbai Metropolitan Region
o Capital Value Trends – Worli
Overview o Key Completed Commercial Developments in the Precinct
Livability
4 Assessment
Why
5 Worli?
Worli, once known as a popular Propinquity and easy Due to its distinct “downtown”
textile mills destination of the then accessibility to the seashore image and seamless
S o u t h B o m b a y, t o d a y h a s have significantly transformed connectivity to Mumbai’s CBD
completely transformed into a the Realty landscape of Worli. (Bandra-Kurla Complex), Worli
posh neighborhood of South When the premium residential has become the most sought-
Mumbai. micro markets in South after residential destination in
Mumbai were struggling for the city. Home buyers are also
Located in the southern part of large-scale residential willing to pay surcharges due to
Mumbai, Worli has emerged as one developments, due to lifestyle amenities provided by
of the prime residential areas in unavailability of large land the developments in this micro
the last decade. This micro-market parcels, Worli emerged as a market and as the distinct
is considered to be the new luxury prime residential market for “address” due to the celebrities
housing destination for luxury developments as a residing in the neighborhood.
industrialists, business honchos, seaside promenade.
Arabian Sea
Eastern Freeway
Rail Network
Waterbodies
Localities
Worli is
Road
Ÿ Well-connected to Western Suburbs – Bandra-Worli Sea Well-Connected
Link, which originates from Khan Abdul Gaffar Khan
Road in Worli, provides excellent connectivity to Bandra.
Further, it merges into Western Express Highway and
to various parts
connects Worli to Chhatrapati Shivaji International
airport and key micro markets of Western Suburbs such of Mumbai
as Andheri, Goregaon, Malad, and Borivali.
through a grid
Ÿ Proximity to Eastern Express Highway – Worli lies in
propinquity to the Eastern Express Highway, which
provides excellent connectivity to the eastern suburbs as
of roads and
well as the metropolitan area of Thane.
an established
Rail Rail Network.
Ÿ Worli is well-connected to major railway stations such as
Dadar and Chinchpokli on the Central line and
Mahalakshmi and Elphinstone Road on the Western line.
Ÿ Apart from the improved physical and social infrastructure, Worli also benefits significantly from the
presence of several Grade-A office spaces and retail developments. Availability of land parcels near
the seashore and its distinct ‘downtown’ image has attracted several developers to this micro market.
Ÿ Considering the location advantages, Worli already has a vibrant real estate market, and the micro
market may continue to command a premium over the long term. In addition, post operationalization
of metro line 3 in the next 5 years or so, the micro market is likely to witnesses a further surge in
capital values and rentals.
Name Description
Western
The Western Express Highway, is a 25 km long multiple-lane arterial
Express
road stretching from Mahim creek to Dahisar.
Highway
Western Line Dahanu Road to The Western line consists of more than 30 stations
(Mumbai Churchgate from Dahanu Road to Churchgate Railway Station.
Railway Station
Suburban
Railway)
Rail Central line Chhatrapati Shivaji The Central line consists of more than 20 stations f
(Mumbai Maharaj Terminus rom C.S.T. to Kalyan junction. It further extends
(C.S.T.) to Kalyan upto Kasara and Khopoli.
Suburban
junction & beyond
Railway)
Ongoing
Name Description
Proposed
Name Description
Malad 80 - 110 1%
Thane 60 - 80 6%
26,500
26,000
Price in INR.
25,500
25,000
24,500
24,000
Q1 - 2016 Q2- 2016 Q3 -2016 Q4 - 2016 Q1 - 2017 Q2 -2017
Wtg. Average Price in INR/Sqft
Indiabulls Finance Center 10,80,000 (Tower 1 & 3) 165 - 180 25,000 – 29,000
Ÿ The micro market offers a wide range of Data Source: Anarock Research Team, as on 31st Aug 2017.
Luxury, Ultra-luxury - high rise properties to Note: Above data includes under construction projects in Worli – RERA
home buyers, who are willing to invest in this registered projects only. Data has been verified with MAHA RERA
Website. Above mentioned wt. avg. sizes and wt. avg. prices are on
premium location. carpet area of under construction projects in the precinct.
1,500
3,000 100
90
2,500
80
Absorption in %
70
2,000
60
units
1,500 50
40
1,000
30
20
500
10
0 0
2018 2019 2020 2021 2022 2023 2024 2025 2028
The Y-o-Y inventory break-up analysis depicts that the projects nearing completion possess a
significant number of unsold inventory. As depicted in the above chart, there is a huge inventory
available due to the projects reaching completion by 2021, as also with the proposed completion
timeline of two large projects this year.
51,000
Price in INR/sqft
50,800
50,600
50,400
50,200
50,000
49,800
Q1 - 2016 Q2- 2016 Q3 -2016 Q4 - 2016 Q1 - 2017 Q2 -2017
There has been a marginal price appreciation during the past 2 years. Post demonetization the prices
remained stagnant in Q1 2017, and have slightly picked up in Q2 2017, due to an accretion in demand.
Ticket Price
Ÿ Out of overall under construction supply in the residential market of Worli, nearly 76% of inventory falls
under the size range of 1,000 – 2,000 sqft, followed by properties above 3,000 sqft and less than 1,000
sqft, at 14% and 5%, respectively. Nearly 61% of inventory in the size range of 1,000 – 2,000 sqft is
already absorbed in the primary market, which is a second preferred range in Worli in terms of
absorption, delineating the high demand-supply of mid-size properties in the residential market of
Worli.
Ÿ On the contrary, the fastest selling size and budget range which has recorded an approximate 89%
absorption have a meager share of supply at an approximate 5%.
Oberoi Three
Sixty West
Nishika Terraces
Omkar 1973
RNA Mirage
Palais Royale
Raheja Atlantis
Indiabulls
Blu Marathon
NextGen Era
Runwal Reserve
Localities
Waterbodies
MODERATE/ LOW/
HIGH/GOOD
AVERAGE NOT SO GOOD
Proximity to Airport
Proximity to BKC
Social Infrastructure
Physical Infrastructure
Night Life
Proximity to Hotel/Mall
Connectivity
Metro Connectivity
Quality of Life
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Worli’s residential property market has attracted several developers keen to capitalize on its
upmarket charm and location advantages amidst the high-profile southern part of the city. With its
unique blend of plush office complexes and high-end housing, Worli has emerged as one of the
hottest residential areas in recent years and is a premium destination of choice for industrialists,
business honchos, sports personalities, and celebrities.
Worli’s generous share of prominent luxury skyscraper projects over the last couple of years, have
completely transformed the micro-market’s skyline. With constant real estate development and
improving infrastructure, especially in terms of Metro connectivity via Line 3 (connecting Colaba-
Bandra-Seepz) and the proposed Coastal Road which will provide enhanced connectivity to major
micro-markets of Western Suburbs, Worli is all set to ramp up its allure as a highly popular luxury
housing destination in South-Central Mumbai.
The residential real estate market of Worli offers a wide range of under construction high rise
properties, nearly 1,500 in different stages of construction. In the recent years, new launch activity
has been slow due to availability of huge unsold inventory. Moreover, under the strict RERA-regime,
developers seem focused on offloading existing inventory by offering discounts and lucrative
payment plans. Nonetheless, capital values in the micro market recorded a marginal upward trend
due to a slight uptick in demand and constantly upgrading infrastructure.
The ANAROCK Group is one India’s leading real estate services company
having diversified interest across real estate value chain. The Group’s key
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